{"id":151144,"date":"2023-09-07T04:08:21","date_gmt":"2023-09-06T22:38:21","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=151144"},"modified":"2023-09-07T04:08:21","modified_gmt":"2023-09-06T22:38:21","slug":"genesis-hits-parent-company-dcg-with-600-million-lawsuits-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/genesis-hits-parent-company-dcg-with-600-million-lawsuits-crypto-news\/","title":{"rendered":"Genesis Hits Parent Company DCG With $600 Million Lawsuits – Crypto News"},"content":{"rendered":"
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Collapsed crypto company Genesis Global on Wednesday filed two lawsuits against Digital Currency Group (DCG) and Digital Currency Group International (DCGI) demanding the repayment of over $600 million in loans\u2014including over $115 million in Bitcoin.\u00a0<\/span><\/p>\n

DCG is the parent company of Genesis, a lender that halted withdrawals in November following the crash of crypto exchange FTX.\u00a0<\/span><\/p>\n

In Wednesday\u2019s legal actions, filed in the United States bankruptcy court of the Southern District of New York, Genesis Global alleged that two loans\u2014which total around $620 million\u2014have not been repaid.\u00a0<\/span>The company said that the loans matured in May and include about 4,550 Bitcoin.<\/p>\n

The lawsuit is also trying to recover accrued interest and late fees.<\/p>\n

Genesis Global went bust<\/a> in January\u2014shortly after it had laid off<\/a> 30% of its staff. The lender was one of many crypto companies hit hard by the collapse of digital asset megabrand FTX, which failed spectacularly in November of last year.<\/p>\n

Genesis was in trouble because it served as the primary lending partner of New York-based crypto exchange Gemini. After going bust, it owed users of the high-yield savings product Gemini Earn $900 million.<\/p>\n

Just last month, DCG said it had\u00a0reached<\/a> an in-principle agreement with Genesis Global\u2019s creditors to resolve the claims that emerged during Genesis\u2019 bankruptcy, with the aim of achieving a fair recovery for creditors.<\/p>\n

New York-based Genesis Global Trading\u2014a Genesis-linked company\u2014yesterday announced it would wind down its spot trading crypto trading service next month for \u201cbusiness reasons.\u201d The company offers over-the-counter market-making services in crypto.<\/span><\/p>\n

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Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Collapsed crypto company Genesis Global on Wednesday filed two lawsuits against Digital Currency Group (DCG) and Digital Currency Group International (DCGI) demanding the repayment of over $600 million in loans\u2014including over $115 million in Bitcoin.\u00a0 DCG is the parent company of Genesis, a lender that halted withdrawals in November following the crash of crypto exchange […]<\/p>\n","protected":false},"author":2,"featured_media":151145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-151144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151144","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=151144"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151144\/revisions"}],"predecessor-version":[{"id":151151,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151144\/revisions\/151151"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/151145"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=151144"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=151144"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=151144"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}